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HomeAltcoin NewsEthereum Price Analysis: ETH Eyes Fresh Increase Above $3,100

Ethereum Price Analysis: ETH Eyes Fresh Increase Above $3,100

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  • Ethereum price started a fresh increase from the $2,850 zone against the US Dollar.
  • ETH price is now trading near $3,050 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $2,910 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue to rise if there is a clear move above the $3,100 resistance.

Ethereum price is showing positive signs above $2,900 against the US Dollar. ETH/USD might rally further if there is a clear move above the $3,100 level.

Ethereum Price Analysis

Recently, ethereum saw a downside correction from the $3,280 zone against the US Dollar. ETH price traded below the $3,000 support zone and the 55 simple moving average (4-hours).

However, the bulls were active near the $2,850 zone. A base was formed above the $2,850 level and the price started a fresh increase. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $3,284 swing high to $2,836 swing low.

There was also a move above the $3,000 resistance zone. It is now trading near $3,050 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $3,060 level.

It is near the 50% Fib retracement level of the recent decline from the $3,284 swing high to $2,836 swing low. The first major resistance is now forming near the $3,100 level. A close above the $3,100 level could start another increase. The next major stop for the bulls could be near the $3,280 level.

If there is no upside break above $3,100, the price might start a downside correction. An immediate support on the downside is near the $2,980 level. The next major support is now near the $2,920 level.

Besides, there is a key bullish trend line forming with support near $2,910 on the 4-hours chart. A break below the $2,910 support could push the price to $2,850. Any more losses could lead the price towards $2,740. The next major support is near the $2,550, where the bulls might take a stand.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading near the $3,050 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to rise if there is a clear move above the $3,100 resistance.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $2,980, followed by the $2,910 zone.

Key Resistance$ Levels – $3,060 and $3,100.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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